By Mike Miles
First required minimum distribution
August 23rd, 2012 | Uncategorized
Q. I will turn 70½ years old on March 29, 2014. In what year do I have to take my first required minimum distribution? I have been told it would be on April 1, 2015, but I want to be 100 percent sure it isn’t April 1, 2014.
A. It’s the year after the year in which you reach age 70½, so 2015.
Tags: 70 1/2, Required Minimum Distribution
Comments
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JHenJoh Says:
August 28th, 2012 at 6:20 amThis is not a complete answer. Yes, you do not have to take the first required minimum until 2015. But, unless I am mistaken, you will also have to take the second one in the same year. Considering the tax consequences, do you want one distribution in 2014, or two in 2015? Like I said, I may be wrong but you should be sure if this is so.
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lily Says:
September 23rd, 2012 at 2:28 pmBut, you will also take another distribution by the end of 2015, so beware the tax implications!